Price of wheat, soy and corn soars for the time in 8 years
The price of wheat, soy and corn has hit a 8-year high.
These crops haven’t seen a price surge since 2013 and the price hike could soon affect consumers since wheat, soy and corn are staples in humans’ diets.
Cold and dry weather in the US, Canada and France is to blame for the price surge of wheat and corn. The drought in southern Brazil has also affected corn crops, whilst wet weather has negatively affected soy crops in Argentina.
China’s corn import has also been attributed to the rise in price, which has increased by 30% in 2021.
As well as consumers, pig farmers, who rely on corn and soy to feed the animals, are also adversely affected by the price of crops soaring.
According to the UN Food & Agriculture Organization, the price of food globally has risen for 10 months continuously.